So just as a matter of arithmetic, fairly soon after that date there would have to be significant cuts in Social Security, Medicare, military pay or some combination of those in order to avoid borrowing more money.
Bernanke explains the potential need for significant cuts to essential programs if the debt ceiling is not raised.
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Lower paid workers, as well as women and minorities, are over-represented in the most affected sectors, and, thus, have borne a disproportionate share of the job and income losses.
Making derivatives safer is very important, part of solving Too Big to Fail and preventing another financial crisis.
Financial risk tends to migrate around regulatory obstacles like a river flows around rocks.
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